November 2024 Real Estate Summary

Real Estate

Nov 5

Real estate summary provided Ben Broughton, Real Estate at Copper Mountain

september/October In Review

The past two months saw 11 closed transactions, with only one in September. Uncharacteristically slow for that month, but October was more in line with historical averages. 3 sales in both the East & West Villages, Village at Copper, 4 in the Center Village, and finally only 1 sale in the Village at Copper. Of particular note was a 4 bedroom Lewis Ranch Townhome unit that closed at $3,100,000, which is a new record for the complex.

August also saw the days on market until sale top by more than 50% to 47. Several properties sold within 2 weeks of listing, pointing to a continued pent up demand for certain sectors of the Copper market. Overall we continue to be in a good place heading in to the start of ski season.

One interesting thing I see this month is that several of the sales/listings were for homes in buildings that don't frequently change hands. In addition to the LR townhome sale mentioned above, we saw Anaconda, The Lodge at Copper, Ten Mile Haus, and the Cache all make the recent sale list. Our average list price to sales price remains unchanged at 97%, so it's more important than ever to list the home appropriate to market conditions in order to find the right buyers.

SEPT/OCT By the Numbers

Total Sales: 11
Average PPSF : $946
Average Days On Market: 47
Average Sales Price: $1,059,000

2024 By the Numbers

Total Sales: 44
Average PPSF : $1,001
Average Days On Market: 65
Average Sales Price: $1,125,000

Current Market Conditions

There are currently only EIGHT non-deed restricted listings on the market today, twelve fewer than the last newsletter. The lack of inventory continues to be the biggest constraining factor for our market. The PPSF decreased $85 to $947. The days on market decreased 2 to 91, but historically this number doesn't really have a bearing on our active market.

There are now 8 pending sale listings here at Copper. The Lewis Ranch home is still pending a closing along with one new West Village property. There are 3 in the Village at Copper, 2 in Center Village, and 1 in the East Village.